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Poor data quality 'costs Irish companies billions'
Mar 8 2010, 09:34 AM
A failure to maintain high levels of data quality is costing businesses in Ireland billions of euros every year, one expert has suggested.
Gary McSherry of Sogeti was quoted by SiliconRepublic.com as saying his organisation's research shows the country has a "significant problem" in this area, with its companies losing out by up to €10 billion per annum.
Explaining how the number could be so big, he commented: "While poor data quality is accepted in most organisations, the cumulative impact can be enormous and lead to increased cost - at least 10%, but probably as much as 20% of revenue."
Mr McSherry pointed to figures from the Data Warehousing Institute showing the scale of the problem in the US, where poor quality customer information is thought to cost more than 6% of gross domestic product alone. Ireland, he claimed, appears to be no better.
His remarks follow a survey of major top tier buy and sell-side organisations by Lepus and Thomson Reuters, which found 77% plan to increase data quality systems spending over the next 12 months.
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